FBN Holdings Plc. STATEMENT OF FINANCIAL POSITION

GROUP Restated 31 December 31 December

COMPANY Restated 31 December

31 December

31 December

2014 N 'millions

2013 N 'millions

2012 N 'millions

2014 N 'millions

2013 N 'millions

698,104 460,911 2,178,980 27,601

594,234 430,586 1,769,130 10,287

300,532 439,853 1,541,377 6,112

3,261 80 -

1,477 72 -

Asset held for sale

553,154 158,485 68,483 40,692 37,805 2,826 88,208 10,094 8,992 4,334,335 8,331

529,488 294,575 53,650 45,640 30,253 2,413 7,029 81,299 8,748 7,120 3,864,452 4,549

379,675 338,365 50,109 45,992 21,676 4,003 6,321 75,407 3,523 8,201 3,221,146 5,221

2,806 1,466 14,361 1,500 260,777 1,519 285,770 2,000

2,515 7,332 43,285 9,281 246,777 1,072 311,811 -

Total assets

4,342,666

3,869,001

3,226,367

287,770

311,811

Liabilities held for sale

171,151 3,050,853 10,917 11,829 132,633 60,617 8,260 369,707 2,029 188 3,818,184 1,592

82,032 2,929,081 1,701 34,167 149,606 68,723 3,651 126,302 1,924 37 3,397,224 -

89,430 2,395,148 1,796 23,389 122,202 54,995 2,127 75,541 19,380 225 2,784,233 819

9,590 9,590 -

3,710 3,710 -

Total liabilities

3,819,776

3,397,224

2,785,052

9,590

3,710

16,316 254,524 108,637

16,316 254,524 115,397

16,316 254,524 76,072

16,316 254,524 6,968

16,316 254,524 37,180

65,278 1,223 6,076 12,532 217 46,673 (18) 7,399

52,074 6,076 14,969 107 7,987 (2,280) 2,102

43,347 6,076 26,991 50 16,101 (2,378) 1,668

10 362 -

10 71 -

518,857

467,272

438,767

278,180

308,101

4,033

4,505

2,548

-

-

522,890

471,777

441,315

278,180

308,101

4,342,666

3,869,001

3,226,367

287,770

311,811

ASSETS Cash and balances with central banks Loans and advances to banks Loans and advances to customers Financial assets at fair value through profit or loss Investment securities -Available-for-sale investments -Held to maturity investments -Loans and receivables Asset pledged as collateral Other assets Inventory Investment properties Investments in associates accounted for using the equity method Investment in subsidiaries Property, plant and equipment Intangible assets Deferred tax assets

LIABILITIES Deposits from banks Deposits from customers Financial liabilities at fair value through profit or loss Current income tax liability Other liabilities Liability on investment contracts Liability on insurance contracts Borrowings Retirement benefit obligations Deferred tax liabilities

EQUITY Share capital Share premium Retained earnings Other reserves Statutory reserve Capital reserve SSI Reserve AFS Fair value reserve Contingency Reserve Statutory credit reserve Treasury shares Foreign currency translation reserve

Non-controlling interest Total equity Total equity and liabilities

FBN Holdings Plc. INCOME STATEMENT

GROUP

COMPANY

31 December 31 December 31 December 31 December 2014 2013 2014 2013 N 'millions N 'millions N 'millions N 'millions Continuing operations Interest income Interest expense

362,579 (118,725)

323,621 (93,506)

2,886 -

924 -

Net interest income

243,854

230,115

2,886

924

Impairment charge for credit losses

(25,942)

(20,309)

-

-

Net interest income after impairment charge for credit losses

217,912

209,806

2,886

924

3,320 (616)

2,011 (226)

-

-

Insurance premium revenue Insurance premium revenue ceded to reinsurers Net insurance premium revenue Fee and commission income Fee and commission expense Net gains on foreign exchange Net gains/(losses) on investment securities Net losses from financial instruments at fair value through profit or loss Dividend income Other operating income Insurance claims Personnel expenses Depreciation of Property, plant and equipment Amortisation of intangible assets Impairment loss on investment Operating expenses Operating profit Share of profit of associates Profit before tax

2,704

1,785

-

-

66,983 (6,205) 44,905 (230) (1,262) 1,469 2,854 (1,043) (79,843) (11,375) (1,384) (143,200)

59,381 (5,296) 6,693 2,899 (1,504) 1,227 1,127 (488) (65,820) (10,284) (912) (108,283)

42 13,747 294 (1,159) (229) (7,781) (2,117)

74,057 7 (58) (47) (2,594) (1,658)

92,285

90,331

5,683

70,631

599

1,006

-

-

92,884

91,337

5,683

70,631

(10,045)

(20,706)

-

-

PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS

82,839

70,631

5,683

70,631

PROFIT FOR THE YEAR

82,839

70,631

5,683

70,631

83,059 (220) 82,839

70,135 496 70,631

5,683 5,683

70,631 70,631

2.55 2.55

2.16 2.16

0.17 0.17

2.16 2.16

Income tax expense

Profit/(loss) attributable to: Owners of the parent Non-controlling interests

Earnings per share for profit attributable to owners of the parent Basic/diluted earnings/ loss per share: From continuing operations From profit for the year

FBN Holdings Plc. STATEMENT OF COMPREHENSIVE INCOME

GROUP

COMPANY

31 December 31 December 2014 2013 2014 2013 N 'millions N 'millions N 'millions N 'millions

PROFIT FOR THE YEAR

82,839

70,631

5,683

70,631

(1,060) (2,100)

(14,509) 2,487

291 -

209 -

5,297 682

(298) 434 282

-

-

Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension scheme Income tax relating to components of other comprehensive income

(364) 122

1,857 635

-

-

Other comprehensive income for the year, net of tax

2,577

(9,112)

291

209

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

85,416

61,519

5,974

70,840

Total comprehensive income attributable to: Owners of the parent Non-controlling interests

85,676 (260)

61,039 480

5,974 -

70,840 -

85,416

61,519

5,974

70,840

85,676

61,039

5,974

70,840

85,676

61,039

5,974

70,840

Other comprehensive income: Items that may be subsequently reclassified to profit or loss Net gains on available-for-sale financial assets -Unrealised net gains or losses arising during the period, before tax -Net reclassification adjustments for realised net gains or losses, before tax Share of other comprehensive income of associates Exchange difference on translation of foreign operations Income tax relating to components of other comprehensive income

Total comprehensive income attributable to owners of the parent arises from : Continuing operations

FBN Holdings Plc. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to equity holders of the parent AFS Fair Statutory NonRetained Capital value credit Treasury controlling Share Statutory SSI Contingency capital premium earnings reserve reserve reserve reserve reserve reserve shares FCTR Total interest N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions Share

Balance at 1 January 2013 Profit for the year Other comprehensive income Foreign currency translation differences, net of tax Tax effects on revaluation of financial assets Fair value movements on available for sale financial assets Remeasurement of defined benefit pension scheme Share of OCI of associates, net of tax Total comprehensive income Transactions with owners Other changes Dividends Disposal of treasury shares Other Changes* Transfer between reserves Total transactions with Owners At 31 December 2013 Profit for the year Other comprehensive income Foreign currency translation differences, net of tax Tax effects on revaluation of financial assets Fair value movements on available for sale financial assets Remeasurement of defined benefit pension scheme Total comprehensive income Transactions with owners Dividends Changes in treasury shares Other changes* Business restructuring Transfer between reserves Total transactions with Owners At 31 December 2014

Total equity N 'millions

16,316

254,524

76,072

-

43,347

6,076

26,991

50

16,101

(2,378)

1,668

438,767

2,548

441,315

-

-

70,135

-

-

-

-

-

-

-

-

70,135

496

70,631

-

-

635 1,857 72,627

-

-

-

282 (12,006) (298) (12,022)

-

-

-

434 434

434 917 (12,006) 1,857 (298) 61,039

(16) 480

434 917 (12,022) 1,857 (298) 61,519

16,316

254,524

(32,632) (670) (33,302) 115,397

-

8,727 8,727 52,074

6,076

14,969

57 57 107

(8,114) (8,114) 7,987

98 98 (2,280)

2,102

(32,632) 98 (32,534) 467,272

181 (32,896) 98 1,560 (31,057) 471,777

-

-

83,059

-

-

-

-

-

-

-

-

83,059

181 (264) 1,560 1,477 4,505 (0) (220)

-

-

122 (364) 82,817

-

-

-

682 (3,119) (2,437)

-

-

-

5,297 5,297

5,297 804 (3,119) (364) 85,677

(41) (261)

5,297 804 (3,160) (364) 85,416

16,316

254,524

(35,895) (1,682) (52,000) (89,577) 108,637

13,204 13,204 65,278

6,076

12,532

110 110 217

38,686 38,686 46,673

2,262 2,262 (18)

7,399

(35,895) 2,262 (459) (34,092) 518,857

(107) (58) (47) (211) 4,033

(36,002) 2,262 (58) (505) (34,303) 522,890

1,223 1,223 1,223

*Other Changes represents the change in non-controlling interest arising from the acquisiton or disposal of unit holdings in FBN Heritage Funds. FBN Heritage fund is an open-ended mutual fund.

82,839

FBN Holdings Plc. COMPANY STATEMENT OF CHANGES IN EQUITY

Attributable to equity holders of the parent Share

Retained Share Capital AFS Fair value capital premium earnings reserve reserve Total N 'millions N 'millions N 'millions N 'millions N 'millions N 'millions

Balance at 1 January 2013 Profit for the year Other comprehensive income Fair value movements on equity financial assets Total comprehensive income Transactions with owners Dividends Transfer between reserves Total transactions with Owners At 31 December 2013 Profit for the year Other comprehensive income Fair value movements on equity financial assets Total comprehensive income Transactions with owners Dividends Transfer between reserves Total transactions with Owners At 31 December 2014

16,316

254,524

(819)

10

(138)

269,893

-

-

70,631

-

-

70,631

-

-

70,631

-

209 209

209 70,840

16,316

254,524

(32,632) (32,632) 37,180

10

71

(32,632) (32,632) 308,101

-

-

5,683

-

-

5,683

-

-

5,683

-

291 291

291 5,974

16,316

254,524

(35,895) (35,895) 6,968

10

362

(35,895) (35,895) 278,180

FBN Holdings Plc. STATEMENT OF CASH FLOWS

GROUP

COMPANY

31 December 2014 N 'millions

31 December 2013 N 'millions

31 December 2014 N 'millions

31 December 2013 N 'millions

Operating activities Cash flow used in operations Income taxes paid Interest received Interest paid

(716,278) (31,329) 352,041 (93,316)

(90,339) (7,918) 329,660 (90,052)

(4,024) 1,917 -

(42,204) 3 -

Net cash flow generated from/ (used in) operating activities

(488,882)

141,351

(2,107)

(42,201)

Investing activities Acquisition/ additional investment in subsidiary Purchase of investment securities Proceeds from the sale of investment securities Cash and cash equivalent acquired from subsidiary Dividends received Purchase of investment properties Purchase of property, plant and equipment Purchase of intangible assets Proceeds on disposal of property, plant and equipment

(491,692) 478,252 16,935 1,469 (13) (16,916) (2,208) 1,346

(310,682) 320,185 8,080 1,227 (53) (17,920) (1,144) 992

(3,200) 124 44,963 (676) -

(1,262) 4,604 74,057 (1,089) -

Net cash flow generated from/ (used in) investing activities

(12,827)

685

41,211

76,310

Financing activities Proceeds from sale of treasury shares Dividend paid Proceeds from new borrowings Repayment of borrowings Interest paid on borrowings Transactions with NCI

2,262 (36,002) 315,792 (71,308) (11,850) (58)

98 (32,896) 96,297 (46,473) (2,489) 1,560

(35,895) -

(32,632) -

Net cash flow generated from/ (used in) financing activities

198,836

16,097

(35,895)

(32,632)

(302,874) 834,691

158,133 676,847

3,209 1,476

1,477 (1)

639

(289)

42

-

532,456

834,691

4,727

1,476

(Decrease)/ Increase in cash and cash equivalents Cash and cash equivalents at start of year Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of year